Veteran gold advocate and staunch Bitcoin skeptic, Peter Schiff, has once again ignited controversy within the crypto community, this time extending his characteristic criticism beyond Bitcoin to encompass Ethereum. His recent remarks, delivered amidst a significant market downturn, have predictably drawn a sharp backlash from prominent figures and enthusiasts in the digital asset space.
Schiff's Latest Critique Amidst Market Turmoil
Schiff, known for his unwavering preference for traditional assets like gold and silver, recently took to X (formerly Twitter) to express his dire outlook on Ethereum. He argued that Ethereum's performance was "even worse" than Bitcoin's, highlighting a 21% drop from its record high compared to Bitcoin's 10%. He specifically pointed out Ethereum trading near $3,900 and warned of a potential plunge to $1,500 if support around $3,350 breaks, advising investors to "get out now!" These comments arrived as the broader crypto market faced a sharp sell-off, with Ethereum dropping over 12% and Bitcoin over 8% in 24 hours. The market's decline was primarily attributed to President Donald Trump’s announcement of a 100% tariff on Chinese imports, triggering widespread investor apprehension and liquidations across digital assets.
The Crypto Community's Forceful Rebuttal
Unsurprisingly, Schiff's pronouncements were met with swift and aggressive pushback from the crypto community. Users on X, including the notable account "Wall Street Bitcoin," challenged his consistent bearish stance, stating, "Peter, you’ve been wrong the last 15 years, give it a break man. You’re going to look like a joke again and again." Echoing similar sentiments, Cardano Founder Charles Hoskinson delivered a blunt response, telling Schiff, "Dude, just shut up and go home. You’re drunk and you lost." This collective defiance underscores the ongoing ideological clash between traditional asset proponents and the growing legion of digital-first investors who remain confident in the long-term potential of cryptocurrencies despite market volatility.
